Miri Bankrupts : Second in Sarawak, Fifteenth in Country 2007-2014

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Up till January this year, National Department of Insolvency (MDI)statistics revealed a total of 255,385 bankruptcy cases throughout the country. 13,872 of these cases are in Sarawak.

Of 13,872, Kuching recorded the most bankruptcies, followed by Miri at 4,167 cases, and Sibu with 2,593 cases. The individuals are declared bankrupt by the MDI after failing to manage their financial commitment such as their car loans, personal loans and housing loans.

These statistics revealed a huge increase in the number of those declared bankrupt since 2007. They also revealed that young people are increasingly being declared bankrupt. The reasons for bankruptcy is due to failing to paying car loans, housing loans & personal loans, in that order.

According to the Insolvency Department's figures for the last six years, starting from 2007 to April this year, Miri is ranked 15th in the country for city with the most bankrupts. Neighboring cities Kuching and Sibu are ranked 12th and 18th.

At a recent bankruptcy seminar held in Kuching, it was mentioned that there "were" 13,000 bankrupts in the Sarawak, but it isn't clear on whether they are now cleared of bankruptcy as past tense was used to describe the fact.

Financial ruin faced by bankrupts did not mean the end for them. They are not restricted in any way and can still borrow or travel abroad contrary to popular myth, but with a caveat - they need to inform the Insolvency Department so as to be given the chance to find a solution to their problems.